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BT strengthens bid defences with Robey Warshaw hire

BT strengthens bid defences with Robey Warshaw hire
BT strengthens bid defences with Robey Warshaw hire Copyright Thomson Reuters 2021
Copyright Thomson Reuters 2021
By Reuters
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LONDON -BT has hired boutique advisory group Robey Warshaw to strengthen its defences against a possible takeover bid, according to a person familiar with the situation, sending its shares up 6%.

The appointment was first reported by Sky News.

Patrick Drahi, a Franco-Israeli telecoms entrepreneur, surprised investors earlier this year when he announced that he controlled 12.1% of BT, making him the biggest shareholder.

Stock in Britain's biggest broadband and telecoms group hit an 18-month high in June, in the days after Drahi confirmed his stake purchase, but have since steadily declined to a low of 1.35 pounds, before the jump on Tuesday.

At the open on Tuesday it had a market valuation of 13.4 billion pounds ($18.4 billion). BT declined to comment.

($1 = 0.7272 pounds)

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